Vietnam Wants to Regulate Cryptocurrencies
November 14, 2018 3:47 pm
Vietnam authorities are looking to regulate the cryptocurrencies. The Ministry of Justice has found various solutions and the Ministry of Industry and Trade has expressed their opposition to the ban on the import of mining equipment.
Vietnam’s Ministry of Justice has submitted a report to the government in Hanoi which includes a review of the assessment of cryptocurrency-related business activities in the country. The document has also made several proposals about changes they consider as important.
The ministry wants to apply three alternate policies around the world. The first approach is named as “floating” that includes the implementation of regulatory concerns. The second one is called “prohibiting,” and the last one is “legalizing.”
Nguyen Thanh Tu, director of the Department of Civil and Economic Laws shared his opinion on regulating cryptocurrencies in the country. He said that relevant ministries and departments would be developing an appropriate legal framework to govern digital currencies. Thanh Tu thinks that Hanoi should manage the risks and the potential associated with cryptocurrencies. It should also make sure that investors benefit from them.
Authorities in the country have not finalized any decisions on cryptocurrencies yet. The Central Bank of Vietnam has announced that it would not consider cryptocurrencies as a legal tender. Prime Minister Nguyen Xuan Phuc has ordered agencies to draft a legal framework for cryptocurrencies and the industry built around them.
According to the reports, around one percent of Vietnam’s population is using cryptocurrencies currently. The country also has 95 million people who are cryptocurrency enthusiasts. General Department of Vietnam Customs’ statistics shows that in 2017, the country has imported more than 27,000 mining components.